Federal government announces another increase in petrol and diesel prices

ISLAMABAD (The Thursday Times) — Amid a global energy crisis driven by US-Iran tensions, the federal government has once again announced an increase in petrol and diesel prices.

According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs5.44 per litre and that of diesel by Rs31.05 per litre. Under the new prices, petrol will be available at Rs316.15 per litre and diesel at Rs354.35 per litre.

According to the Petroleum Division's notification on the increase in petrol and diesel prices, the new prices will apply from midnight tonight until 20 July.

Earlier, Federal Minister for Energy (Petroleum Division) Ali Pervaiz Malik, speaking at a press conference alongside Minister for Information and Broadcasting Attaullah Tarar, said that the turmoil in the oil markets appeared to be growing again. At Platts (the largest body that determines energy and raw material prices), diesel has risen from $110 to $140, while petrol has risen from $89 to nearly $100.

Ali Pervaiz Malik claimed that our price levels today are still far below the levels of petroleum levy and carbon support levy that prevailed on 27 and 28 February, before the US-Iran war. He said that, apart from agreements relating to the levy on oil prices, no additional burden has been placed on the public.

He also announced that OGRA will now be given the responsibility of determining oil prices on a daily basis in line with global markets. OGRA will not only publish the Platts (the largest body that determines energy and raw material prices) rate on its website, but will also place before the public all the factors behind petrol and diesel prices in Pakistan.